ChargePoint (NYSE:CHPT) Rating Lowered to Neutral at Janney Montgomery Scott

Janney Montgomery Scott cut shares of ChargePoint (NYSE:CHPT) from a buy rating to a neutral rating in a report released on Friday morning, Marketbeat Ratings reports.

Several other research firms also recently issued reports on CHPT. Bank of America cut their price objective on ChargePoint from $14.00 to $11.50 in a report on Friday, September 8th. B. Riley lowered their target price on ChargePoint from $12.00 to $11.00 and set a buy rating on the stock in a research note on Thursday, July 20th. R. F. Lafferty lowered their target price on ChargePoint from $19.00 to $17.00 and set a buy rating on the stock in a research note on Thursday, September 7th. TD Cowen lowered their target price on ChargePoint from $14.00 to $11.00 and set an outperform rating on the stock in a research note on Thursday, September 7th. Finally, Needham & Company LLC lowered their target price on ChargePoint from $9.00 to $8.00 and set a buy rating on the stock in a research note on Tuesday, October 3rd. Eleven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $10.16.

ChargePoint Price Performance

Shares of ChargePoint stock opened at $2.11 on Friday. The company has a current ratio of 2.03, a quick ratio of 1.61 and a debt-to-equity ratio of 1.07. The company’s 50-day moving average price is $3.77 and its two-hundred day moving average price is $6.64. ChargePoint has a 52 week low of $1.95 and a 52 week high of $13.65. The stock has a market cap of $759.71 million, a PE ratio of -1.99 and a beta of 1.81.

ChargePoint (NYSE:CHPT) last issued its quarterly earnings results on Wednesday, September 6th. The company reported ($0.35) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.22). ChargePoint had a negative return on equity of 106.73% and a negative net margin of 65.71%. The business had revenue of $150.49 million during the quarter, compared to the consensus estimate of $153.25 million. During the same quarter last year, the firm posted ($0.27) earnings per share. ChargePoint’s revenue was up 39.0% compared to the same quarter last year. As a group, sell-side analysts anticipate that ChargePoint will post -0.96 EPS for the current fiscal year.

Insider Activity at ChargePoint

In other ChargePoint news, Director Ekta Singh-Bushell sold 4,622 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total transaction of $25,143.68. Following the completion of the sale, the director now owns 41,215 shares of the company’s stock, valued at $224,209.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other ChargePoint news, Director Ekta Singh-Bushell sold 4,622 shares of the company’s stock in a transaction that occurred on Wednesday, September 20th. The stock was sold at an average price of $5.44, for a total transaction of $25,143.68. Following the completion of the sale, the director now owns 41,215 shares of the company’s stock, valued at $224,209.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Michael Linse sold 1,005,328 shares of the company’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $5.78, for a total value of $5,810,795.84. Following the sale, the director now directly owns 468,142 shares of the company’s stock, valued at approximately $2,705,860.76. The disclosure for this sale can be found here. In the last quarter, insiders sold 4,316,970 shares of company stock valued at $24,767,903. 12.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in shares of ChargePoint by 6.6% during the third quarter. Vanguard Group Inc. now owns 22,469,637 shares of the company’s stock worth $331,652,000 after buying an additional 1,396,280 shares during the last quarter. BlackRock Inc. raised its stake in shares of ChargePoint by 14.6% in the second quarter. BlackRock Inc. now owns 15,217,487 shares of the company’s stock valued at $133,762,000 after purchasing an additional 1,939,710 shares in the last quarter. State Street Corp raised its stake in shares of ChargePoint by 5.7% in the second quarter. State Street Corp now owns 4,286,364 shares of the company’s stock valued at $37,677,000 after purchasing an additional 229,805 shares in the last quarter. RHO Capital Partners Inc. acquired a new position in shares of ChargePoint in the second quarter valued at $35,628,000. Finally, Geode Capital Management LLC raised its stake in shares of ChargePoint by 8.3% in the second quarter. Geode Capital Management LLC now owns 3,942,418 shares of the company’s stock valued at $34,654,000 after purchasing an additional 301,687 shares in the last quarter. 45.01% of the stock is currently owned by institutional investors and hedge funds.

ChargePoint Company Profile

ChargePoint Holdings, Inc, together with its subsidiaries, provides electric vehicle (EV) charging networks and charging solutions in the United States and internationally. It offers a portfolio of hardware, software, and services for commercial, fleet, and residential customers. ChargePoint Holdings, Inc was founded in 2007 and is headquartered in Campbell, California.